Wealth management firm Mattioli Woods plc (LON:MTW) has seen its organic revenue grow 15 percent for the year through May, as assets under management have swelled to just over £2.3 billion.
The company’s market share has risen 0.47 percent or 3.75p and they are slightly ahead of their 20 percent growth target for the year, as revenue growth has translated into strong growth in Ebitda.
This news comes in the wake of Mattioli Woods announcing plans to remove themselves from the DB transfer market due to rising costs and increased regulations.
A spokesperson has said, “Following consideration of the increasing costs of professional indemnity insurance, additional regulatory controls and the resources we would have to dedicate to a relatively small part of our business we have decided to withdraw from this market and look to vary our permissions with the FCA accordingly.”
However, chief executive Ian Mattioli was quick to add, “We continue to review a diverse pipeline of potential acquisition opportunities and believe further consolidation within our core markets remains likely.”
“Our strong balance sheet gives us the flexibility to make further value-enhancing acquisitions.”
Revenues in its discretionary portfolio management service have grown from £1.1 billion to £1.3 billion, total client assets under management, administration and advice increased by 10 percent to over £8.7 billion. Analysts from Shore Capital have reiterated their ‘hold’ stance on Mattioli Woods stock.